West steps up Russia sanctions

Friday, March 21, 2014 - 01:34

March 21 - U.S and European Union move to widen sanctions as Russia presses ahead with annexation of Crimea. Paul Chapman reports.

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European Union leaders have added another 12 names to the list of Russians targeted with sanctions over the Crimea crisis.
EU Council President Herman Van Rompuy warned of wider measures to come unless there's a peaceful resolution.
(SOUNBITE)(English) EU COUNCIL PRESIDENT HERMAN VAN ROMPUY SAYING:
"We made clear that failure to settle the crisis peacefully and any steps by Russia to destabilise Ukraine will have far-reaching consequences and by that we mean consequences on relations on a broad range of economic areas."
On the same day the United States imposed sanctions on another 20 Russian individuals and a bank in response to Moscow's moves to annex Ukraine's Crimea peninsula.
They include Yuri Kovalchuk, the largest shareholder of Bank Rossiya and a close advisor to Russian President Vladimir Putin.
Also several people considered part of Putin's inner circle like Chief of Staff Sergei Ivanov, and close confidant and state rail board chief Vladimir Yakunin.
And Gennady Timchenko, a founder Gunvor, of one of the world's biggest independent commodity trading firms in the oil and energy markets.
The U.S. too is warning further economic sanctions could be on the cards if necessary.
Moscow appears to be going ahead with its annexation of Crimea regardless.
It's sending the message that a Russia isolated by Europe and the U.S, would look east for new business, energy deals, military contracts and political alliances.

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